Revealed: Hong Kong tycoon unhappy with Premier Oil's $2.8 billion debt deal; looking to form blocking group with other convertible bond investors - sources

Wednesday, 1 March 2017, 11:40 am

Premier Oil this morning attempted to present a deal with its convertible bond holders as a fait accompli. See the link below:

However, I understand the beleguered North seal oil explorer could be about to fall out with one investor that is still seriously unhappy with the terms offered to convertible bond holders as part of its $2.8 billion debt refinancing. That investor is Pyrrho Investments, an investment fund led by Hong Kong-based businessman Anson Chan.

In case you don't recall, Pyrrho Investments had an almighty dust up with property company MWB Group and its boss Richard Balfour-Lynn, a maverick entrepreneur, a few years ago.

And it would appear Pyrrho Investments is preparing for another dust up with Premier Oil and advisors.

People familiar with the matter have told Betaville Pyrrho Investments holds about 10pc of the convertible bonds issued by Premier Oil and is talking to other bondholders to form a group to get better terms.

It's understood Pyrrho is particularly unhappy with the maturity date being offered to convertible bondholders and the process by which today's deal has been negotiated.

Premier Oil declined to comment.



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